AGRICULTURAL CO-OPERATIVE SOCIETIES (DEBENTURES) REGULATIONS, 1934.

AGRICULTURAL CO-OPERATIVE SOCIETIES (DEBENTURES) REGULATIONS, 1934.

WHEREAS it is enacted by section 12 of the Agricultural Co-operative Societies (Debentures) Act, 1934 (No. 39 of 1934), that the Minister for Agriculture may by order make regulations prescribing any matter or thing which is referred to in the said Act as prescribed or to be prescribed:

AND WHEREAS the matters and things to which these Regulations relate are matters and things which are referred to in the said Act as prescribed or to be prescribed:

NOW, THEREFORE, the Minister for Agriculture, in exercise of the powers conferred on him by the Agricultural Co-operative Societies (Debentures) Act, 1934 (No. 39 of 1934), and of every and any other power him in this behalf enabling and, in so far as these Regulations relate to the fixing of any fees, with the consent of the Minister for Finance testified by his signature hereto, hereby orders and makes the following Regulations:—

1.—These Regulations may be cited for all purposes as the Agricultural Co-operative Societies (Debentures) Regulations, 1934.

2.—The Interpretation Act, 1923 (No. 46 of 1923), applies to the interpretation of these Regulations in like manner as it applies to the interpretation of an Act of the Oireachtas.

3.—In these Regulations—

the expression "the Act" means the Agricultural Co-operative Societies (Debentures) Act, 1934 (No. 39 of 1934);

the expression "the Minister" means the Minister for Agriculture;

the expression "applying Society" means a society registered under the Industrial and Provident Societies Act, 1893, which makes an application to the Minister either for a certificate under section 3 of the Act or for his consent to the issue of debentures under section 5 of the Act.

4.—(1) Every application by an applying society for a certificate under section 3 of the Act shall be in writing duly sealed with the seal of such society and shall state the following matters, that is to say:—

(a) the object for which such society seeks to acquire the powers provided by the Act of issuing debentures and charging uncalled capital, and

(b) the reasons (if any), in addition to the attainment of such object, for the making of such application, and

(c) the amount which such society desires to secure by the exercise of the said powers provided by the Act.

(2) Every application by an applying society for a certificate under section 3 of the Act shall be addressed to "The Secretary, Department of Agriculture, Dublin, C.17."

(3) Every application by an applying society for a certificate under section 3 of the Act shall be accompanied by the following documents, that is to say:—

(a) one copy of the rules of such society in force at the date of such application, and

(b) one copy of the latest annual return of such society made under the Industrial and Provident Societies Act, 1893, and

(c) a return, signed by the chairman and at least one other member of the committee of management of such society, of the receipts and expenditure, funds and effects of such society for any period which may have elapsed between the termination of the period in respect of which such latest annual return was made and the date of such application.

5.—Every certificate issued by the Minister under section 3 of the Act shall be in writing and sealed with the seal of the Minister and shall be so expressed as to certify in accordance with sub-section (2) of the said section 3 that the society to which it relates is an agricultural co-operative society for the purposes of the Act.

6.—(1) Every revocation under sub-section (3) of section 3 of the Act of a certificate granted under that section shall be in writing and sealed with the seal of the Minister.

(2) Notice of the revocation by the Minister of any certificate granted under section 3 of the Act shall be sent by registered post—

(a) to the society to which such certificate relates, and

(b) to the Registrar of Industrial and Provident Societies.

7.—(1) Every application by an applying society to the Minister for his consent under section 5 of the Act to the issue of debentures shall be made in writing duly sealed with the seal of such society and shall state the following matters, that is to say:—

(a) the amount and other particulars of the sum of money which such society proposes to secure by the issue of such debentures, and

(b) the name and address of the authorised lender to whom such society proposes to issue such debentures, and

(c) whether such society proposes that such debentures are to be secured by way of fixed charge on specified property or by way of floating charge on the assets, property, and undertaking belonging to such society, and

(d) particulars of the property and assets on which such society proposes to charge the money secured by such debentures, and

(e) the proposed conditions as to repayment of the amount to be secured by the issue of such debentures.

(2) Every application by an applying society under section 5 of the Act shall be addressed to "The Secretary, Department of Agriculture, Dublin, C.17."

(3) Every application by an applying society under section 5 of the Act shall be accompanied by the following documents, that is to say:—

(a) one copy of the rules of such society in force at the date of such application, and

(b) one copy of the latest annual return of such society made under the Industrial and Provident Societies Act, 1893, and

(c) a return, signed by the chairman and at least one other member of the Committee of management of such society, of the receipts and expenditure, funds and effects of such society for any period which may have elapsed between the termination of the period in respect of which such latest annual return was made and the date of such application, and

(d) a statement, signed by the chairman and at least one other member of the Committee of management of such society, showing all pending or proposed contracts and commitments of such society at the date of the making of such application not disclosed by any return furnished in accordance with these Regulations, and

(e) in the case of a society which is by sub-section (2) of section 4 of the Act prohibited from issuing debentures unless a resolution approving of the making of such issue has been passed by a special meeting of the shareholders of such society, a copy of such resolution and of the notice convening such special meeting:

8.—Every consent given by the Minister under section 5 of the Act to a proposed issue of debentures shall be in writing and sealed with the seal of the Minister and shall be so expressed as to state all such matters as are required by sub-section (4) of the said section 5 to be stated therein together with such (if any) of the matters permitted by the said sub-section to be contained in such certificate as the Minister shall in each particular case think proper to insert therein.

9.—(1) Every debenture issued under the Act shall contain a statement in the following words, that is to say:—

"This Debenture is issued under the Agricultural Cooperative Societies (Debentures) Act, 1934 (No. 39 of 1934), with the consent of the Minister for Agriculture given in due form under that Act."

(2) Every debenture issued under the Act shall contain a statement of the following particulars of the consent of the Minister to such issue, that is to say:—

(a) the date of such consent, and

(b) the amount of the issue to which such consent relates, and

(c) any conditions, limitations, and restrictions inserted in such consent.

10.—(1) The Minister shall keep the Register of Charges by Agricultural Co-operative Societies in three parts and in the form contained in the Schedule to these Regulations.

(2) The Register shall be open to inspection by the public at the Office of the Secretary of the Department of Agriculture, Dublin, C.17, during usual office hours upon payment of a fee of one shilling.

11.—Every application by an authorised lender for the registration of debentures issued by a society under the Act or for the registration of a charge on the uncalled capital of a society given by such society under the Act shall be in writing and shall contain all particulars necessary for making the proper entries in the Register on such registration.

Given under the Official Seal of the Minister for Agriculture

this 15th day of October, 1934.

(Signed) SÉAMAS O RIAIN,

Minister for Agriculture.

I consent to the foregoing Regulations so far as the same relate to the fixing of fees.

(Signed) SEÁN MACENTEE,

Minister for Finance.

SCHEDULE.

REGISTER OF CHARGES BY AGRICULTURAL CO-OPERATIVE SOCIETIES.

PART I.

DEBENTURES.

REGISTER OF CHARGES BY AGRICULTURAL CO-OPERATIVE SOCIETIES.

PART II.

CHARGES ON UNCALLED CAPITAL BY SOCIETIES.

REGISTER OF CHARGES OF AGRICULTURAL CO-OPERATIVE SOCIETIES.

PART III.

CHARGES IN FAVOUR OF THE AGRICULTURAL CREDIT CORPORATION LIMITED BY ORDER OF THE MINISTER.